环境战略对环境绩效和经济绩效的影响——基于企业成长性和市场竞争性的调节效应

doi:10.18402/resci.2021.01.03

Abstract

Abstract:

Whether environmental strategy can create a win-win situation of improved environmental performance and economic performance is directly related to the enthusiasm of enterprises to develop and implement environmental strategies. Therefore, this study empirically tested the relationship between environmental strategy, environmental performance, and economic performance by using the panel data of China’s four main polluting industries in 2014-2018. The results show that: (1) Environmental strategy as a whole can significantly achieve a win-win situation of increased environmental performance and economic performance; (2) Further grouping study shows that enterprises have different environmental strategies because of their different growth stages and market competition conditions, which in turn have varied effects on the two performances. The environmental strategies of enterprises with rapid growth have a significant positive impact on environmental performance but do not bring significant economic benefits, while the environmental strategies of low growth enterprises have no significant impact on environmental performance but can bring significant economic benefits; the more fierce the market competition, the more obvious the role of environmental strategy in promoting environmental performance and economic performance, while the effect of environmental strategy in weak competition environment is relatively limited; (3) From the perspective of the content of environmental strategies, only when enterprises attach importance to long-term environmental management, green technology innovation, and green culture construction, rather than being satisfied with meeting the emission standards or avoiding environmental violations in the short term, can they achieve improved environmental performance and economic performance; (4) After the implementation of the new Environmental Protection Law, the promotional effect of enterprise environmental strategy on environmental performance is more prominent, but the impact on economic performance is falling.

Key words: environmental strategy, environmental performance, economic performance, enterprise growth, market competition

WANG Liping, YAO Ziting, LI Chuang. Effect of environmental strategy on environmental performance and economic performance: Based on the regulating effect of enterprise growth and market competition[J].Resources Science, 2021, 43(1): 23-39.

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代表维度	变量名称	变量赋值
管理绩效	ISO环境管理体系认证	0~2
管理绩效	是否披露社会责任报告	0~2
公益绩效	企业的环保公益活动	0~2
生产绩效	“三废”污染物的排放情况	0~2
	节约能源的措施和技术	0~2
	清洁生产的措施和技术	0~2

变量性质	变量名称	变量代码	变量/单位
被解释变量	环境绩效	EP	内容分析法
被解释变量	经济绩效	OEP	合成综合评价指数
解释变量	环境战略	ES	内容分析法
调节变量	成长性	GRO	营业收入增长率/%
调节变量	市场竞争性	MC	(营业收入-营业成本-营业税金及附加）/营业收入/%
控制变量	公司年龄	AGE	2018年—公司上市日期/年
	产品研发支出	R&D	研发支出占营业收入比重/%
	股权集中度	H5	前5大股东的持股比例相加/%
	所有制结构	OWN	国有记为1,非国有记为0

	(1)	(2)	(3)	(4)	(5)
ES	4.842***	4.415***	3.643**	1.884	1.166
ES	(4.31)	(3.94)	(2.94)	(1.03)	(0.64)
GRO		2.080***	-0.033		1.166
GRO		(4.18)	(-0.02)		(0.66)
MC		-0.347		-3.442*	-4.049**
MC		(-0.46)		(-1.75)	(-1.97)
ES×GRO			6.542		3.043
ES×GRO			(1.30)		(0.57)
ES×MC				11.218**	11.234*
ES×MC				(2.03)	(1.94)
AGE	0.097***	0.095***	0.094***	0.099***	0.100***
AGE	(3.76)	(3.66)	(3.72)	(3.74)	(3.84)
R&D	36.756***	35.328***	34.051***	35.671***	35.346***
R&D	(6.05)	(5.21)	(5.66)	(5.20)	(5.23)
H5	2.651***	2.564***	2.537***	2.662***	2.574***
H5	(3.23)	(3.16)	(3.13)	(3.24)	(3.18)
OWN	1.073***	1.145***	1.159***	1.029***	1.077***
OWN	(4.56)	(4.77)	(4.97)	(4.21)	(4.47)
CONS	-1.846**	-1.778**	-1.581**	-0.955	-0.812
CONS	(-2.39)	(-2.33)	(-2.04)	(-1.08)	(-0.93)
N	550	550	550	550	550
r²_a	0.136	0.160	0.162	0.140	0.165

	(1)	(2)	(3)	(4)	(5)
ES	1.719***	0.485	2.514***	2.310**	2.036**
ES	(2.70)	(0.88)	(3.74)	(2.54)	(2.32)
GRO		1.360***	5.549***		4.756***
GRO		(5.54)	(6.13)		(5.54)
MC		4.325***		6.718***	4.791***
MC		(11.67)		(6.85)	(4.79)
ES×GRO			-11.534***		-10.747***
ES×GRO			(-4.22)		(-4.15)
ES×MC				-6.101**	-1.468
ES×MC				(-2.21)	(-0.52)
AGE	0.029**	-0.008	0.021	-0.010	-0.011
AGE	(1.98)	(-0.60)	(1.54)	(-0.76)	(-0.90)
R&D	9.111***	-11.448***	6.157*	-11.193***	-11.630***
R&D	(2.65)	(-3.42)	(1.88)	(-3.27)	(-3.54)
H5	2.188***	1.975***	2.128***	2.015***	2.001***
H5	(4.70)	(4.94)	(4.84)	(4.93)	(5.09)
OWN	-0.458***	-0.041	-0.346***	-0.040	-0.015
OWN	(-3.43)	(-0.35)	(-2.73)	(-0.33)	(-0.13)
CONS	-2.182***	-1.912***	-2.423***	-2.426***	-2.325***
CONS	(-4.98)	(-5.08)	(-5.76)	(-5.50)	(-5.48)
N	550	550	550	550	550
r²_a	0.082	0.325	0.182	0.293	0.348

变量		环境绩效				经济绩效
	成长性分组		市场竞争性分组		成长性分组		市场竞争性分组
		G1	G2		M1	M2		G1	G2	M1	M2
ES	6.923***	2.393	7.029***	3.198**	0.799	2.407**	1.844**	1.550*
ES	(4.61)	(1.47)	(4.32)	(2.01)	(1.05)	(2.50)	(2.36)	(1.75)
AGE	0.067*	0.112***	0.074**	0.108***	0.038**	0.007	0.037*	0.006
AGE	(1.88)	(3.07)	(2.01)	(2.95)	(2.09)	(0.32)	(1.84)	(0.32)
R&D	26.211***	42.658***	26.941***	38.811***	5.930	7.271	-8.680**	8.059
R&D	(3.14)	(4.93)	(3.40)	(3.58)	(1.40)	(1.42)	(-2.02)	(1.51)
H5	2.673**	2.888**	3.444***	1.783	2.636***	1.606**	2.887***	1.023
H5	(2.42)	(2.40)	(3.27)	(1.37)	(4.71)	(2.26)	(5.04)	(1.60)
OWN	1.618***	0.701**	1.180***	1.125***	-0.414**	-0.381**	-0.032	-0.187
OWN	(4.85)	(2.15)	(3.27)	(3.37)	(-2.45)	(-1.98)	(-0.17)	(-1.14)
CONS	-1.461	-1.841	-2.007*	-1.384	-1.797***	-2.093***	-1.644***	-1.867***
CONS	(-1.42)	(-1.62)	(-1.95)	(-1.16)	(-3.45)	(-3.11)	(-2.93)	(-3.18)
N	272	278	281	269	272	278	281	269
r²_a	0.188	0.104	0.174	0.098	0.115	0.041	0.117	0.026

Effect of environmental strategy on environmental performance and economic performance: Based on the regulating effect of enterprise growth and market competition

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	环境战略		经济绩效
	(1)	(2)	(3)	(4)
EM	6.257***		1.523*
EM	(3.74)		(1.85)
EL		3.071*		-0.392
EL		(1.95)		(-0.51)
GRO	2.248***	2.122***	1.380***	1.392***
GRO	(4.53)	(4.20)	(5.66)	(5.65)
MC	-0.607	0.064	4.214***	4.357***
MC	(-0.79)	(0.08)	(11.21)	(11.83)
AGE	0.099***	0.094***	-0.007	-0.007
AGE	(3.79)	(3.57)	(-0.54)	(-0.57)
R&D	36.602***	33.698***	-10.969***	-11.541***
R&D	(5.37)	(4.92)	(-3.28)	(-3.45)
H5	2.715***	2.886***	1.945***	2.052***
H5	(3.36)	(3.54)	(4.91)	(5.16)
OWN	1.163***	1.263***	-0.058	-0.018
OWN	(4.85)	(5.27)	(-0.49)	(-0.15)
CONS	-1.786**	-1.027	-2.039***	-1.785***
CONS	(-2.32)	(-1.39)	(-5.40)	(-4.95)
N	550	550	550	550
r²_a	0.158	0.142	0.328	0.324

	2014年	2015年	2016年	2017年	2018年
ES	2.636	3.071	1.813	4.537*	4.328**
ES	(1.06)	(1.34)	(0.66)	(1.93)	(2.05)
GRO	2.056	1.768	0.829	1.319	-1.654
GRO	(1.51)	(1.66)	(0.60)	(1.40)	(-1.36)
MC	-0.758	-0.281	-0.576	-0.508	1.274
MC	(-0.48)	(-0.17)	(-0.32)	(-0.32)	(0.93)
AGE	0.037	0.002	-0.026	0.058	0.013
AGE	(0.62)	(0.04)	(-0.43)	(0.97)	(0.25)
R&D	35.687**	38.186**	34.339**	26.759*	6.989
R&D	(2.40)	(2.40)	(2.27)	(1.81)	(0.56)
H5	1.441	2.245	2.704	2.735	1.940
H5	(0.88)	(1.39)	(1.49)	(1.51)	(1.17)
OWN	1.305**	1.027**	1.392**	1.024**	1.144**
OWN	(2.52)	(2.02)	(2.59)	(2.01)	(2.57)
CONS	-0.689	-0.204	0.870	-0.233	2.611*
CONS	(-0.42)	(-0.12)	(0.49)	(-0.12)	(1.68)
N	110	110	110	110	110
r²_a	0.076	0.118	0.069	0.072	0.081

	2014年	2015年	2016年	2017年	2018年
ES	1.638	2.993**	-0.600	-1.489	-0.979
ES	(1.45)	(2.16)	(-0.47)	(-1.36)	(-0.73)
GRO	0.975	0.761	2.854***	0.481	1.072
GRO	(1.58)	(1.18)	(4.42)	(1.09)	(1.40)
MC	5.499***	4.718***	4.118***	4.256***	3.115***
MC	(7.67)	(4.83)	(4.94)	(5.75)	(3.59)
AGE	-0.000	-0.009	-0.009	-0.032	-0.037
AGE	(-0.00)	(-0.25)	(-0.31)	(-1.17)	(-1.13)
R&D	-1.520	-15.586	-11.329	-16.470**	-15.915**
R&D	(-0.23)	(-1.62)	(-1.61)	(-2.39)	(-2.03)
H5	2.593***	1.583	1.807**	1.168	2.729**
H5	(3.49)	(1.61)	(2.13)	(1.38)	(2.60)
OWN	-0.166	-0.139	0.109	0.080	0.070
OWN	(-0.71)	(-0.45)	(0.43)	(0.34)	(0.25)
CONS	-3.159***	-2.492**	-1.789**	0.041	-0.574
CONS	(-4.29)	(-2.45)	(-2.16)	(0.05)	(-0.58)
N	110	110	110	110	110
r²_a	0.505	0.261	0.401	0.230	0.158

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